Jump into the madness of Omaha’s spring real estate market with Sales and Leasing Agent (and sports aficionado), Derick Lewin.
It’s my favorite time of the year. Spring is in the air, days are getting longer, temperatures are rising, the NCAA tournament is almost here, and the real estate market is booming—thus the title of this blog post, Mar(ch)-ket Madness.
If you don’t already know, the NCAA tournament is a 68-team single elimination basketball tournament played each year to determine the National Champion of Men’s Division 1 Basketball. The tournament starts in March and runs through April. The “tourney” as it’s known, is all-out madness – “March Madness.” Teams compete for the ultimate prize in college basketball and each game brings them one step closer to the trophy. As a team progresses the games become more challenging. Preparation is key; each game brings about a different matchup, different pitfalls, and different challenges.
The market is a bit “mad” these days.
Did I mention the real estate market is booming? Booming like, my last listing sold in 12 hours at full price, the last offer I made on a house for a client sold for $7,000 over list price (with multiple offers) and the offer before that was one of eight that came in the first day the property was on the market. I think it’s safe to say that the market is a bit “mad” these days. Why? There simply aren’t enough homes on the market to keep pace with demand. A normal supply of listings in Omaha’s market is around 5,000-6,000 homes, but as of last month there were only about 2,500 homes on the market. The ball is definitely in the sellers’ court right now.
So what can a buyer do when facing this mad market? Prepare. Just like a basketball team in the tourney scouts the opposing team and practices before facing them, a buyer must prepare so that when game time arrives the buyer wins. In an ultra competitive market such as this, there are several things buyers can do to prepare prior to looking for homes. With that, I bring you the Final Four of Home Buying Preparation.
Unlike the NCAA, we won’t crown a winner here – all four steps are equally important parts of the home buying process. But going through this workout before tip-off will definitely help prepare you for a winning play.
I’d love to hear about your home buying success stories, underdog victories or crushing defeats. Let me know in the comments below!